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Xerox execs saw compensation rise in 2016

Xerox Corp.’s top leaders saw an increase in their year-over-year compensation in 2016, a filing with the Securities & Exchange Commission shows.

Ursula Burns, who served as chairman and CEO, reported total compensation of nearly $14.1 million in 2016, up from $10.6 million in 2015. Included in the 2016 compensation was a base salary of $1.1 million and stock awards totaling $9.7 million.

Burns stepped down from her roles at the end of 2016. Jeffrey Jacobson now leads the company.

Leslie Varon, who was Xerox’s chief financial officer, earned total compensation of nearly $2.9 million in 2016, up from $1.4 million in 2015. Her pay last year included a base salary of $700,000.

Ashok Vemuri, former CEO of Xerox Services, earned total compensation of nearly $5.5 million in 2016, the year he began working in the role. Included was a base salary of nearly $504,000. Vemuri is now head of Conduent Inc., a new business services company formed when Xerox split into two publicly traded companies at year-end.

Jacobson, who was president of Xerox Technology, earned total compensation of $5.3 million in 2016, up from $4 million in 2015. Included in the 2016 compensation was a base salary of $812,500.

Robert Zapfel, who was president of Xerox Services, earned total compensation of nearly $4.6 million in 2016, up from $4.5 million in 2015. Included in last year’s compensation was a base salary of $800,000.

The compensation packages were included in Xerox’s annual meeting of shareholders’ proxy. The company is to hold the meeting on May 23 in Connecticut.

At the meeting, shareholders will be asked to vote on the election of 11 directors; the ratification of the appointment of PricewaterhouseCoopers LLP as its independent registered public accounting firm for 2017; the approval, on an advisory basis, of the compensation of its named executive officers and the approval of a reverse stock split of one share for four shares and corresponding proportionate reduction in the company’s authorized stock.

Follow Andrea Deckert on Twitter: @andrea_deckert

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-363-7269 or e-mail madams@bridgetowermedia.com.

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